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The core segment of the report, (including fashion, leather goods, jewelry, and watches), experienced its first major slowdown since the 2020 pandemic. At constant exchange rates, the market contracted by an estimated 2% to 4% year-on-year. The Rise of Experiential Luxury
Contrary to doomsday predictions, the US market stabilized.
After a post-pandemic boom that saw the luxury industry reach stratospheric heights, the party had to end eventually. According to the highly anticipated , titled Will the Music Stop? , the industry is currently experiencing a "gentle landing" or, more accurately, a "correction."
The global slowdown was not evenly distributed, with some regions showing resilience while others faced significant headwinds. bain luxury report 2024 pdf
: The fastest-growing region ( +12% to 13% ) due to a weak yen and a surge in tourist spending.
Despite short-term turbulence, the total luxury market is projected to reach €2.0 to €2.5 trillion by 2030 .
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Geography played a massive role in performance, driven primarily by fluctuating currency values and shifting tourist corridors.
This comprehensive analysis breaks down the key findings, data points, and strategic imperatives outlined in the 2024 report. Market Overview: A Year of Stabilization and Selectivity
| | Details | |---|---| | Official Bain & Company Website | Download PDF | | Alternative Access | Luxury in Transition: Securing Future Growth (Press Release) | | Press Release | Global Luxury Spending to Land Near €1.5 Trillion in 2024 | The core segment of the report, (including fashion,
This slowdown is not uniform. The most significant impact was a dramatic reduction in the number of luxury consumers, with approximately 50 million people leaving the market over two years due to economic pressures and price hikes. This trend is most acute among Gen Z, whose advocacy for luxury brands has notably declined.
Detailed insights can be found in the full Luxury in Transition report (PDF) or the Bain-Altagamma 2024 update .
The global high-end sector has entered a profound phase of structural correction, signaling a sharp departure from the explosive post-pandemic boom. According to the authoritative , published by global consultancy Bain & Company in partnership with Italian luxury manufacturers' association Fondazione Altagamma , global luxury spending reached approximately €1.48 trillion in 2024 . This represents flat performance, hovering between a -1% to +1% year-over-year growth rate at constant exchange rates. After a post-pandemic boom that saw the luxury
For those sectors, refer to or reports from McKinsey , Deloitte , or KPMG .